Cryptocurrency Bitcoin rockets above $7000 to all-time high

13 October, 2017, 00:51 | Author: Franklin Nunez
  • Bitcoin Stumbles Near New High But $5k Still in Play                          Oct 11 2017 at 11:30 UTC by Omkar Godbole

The world's largest cryptocurrency rose as much as 7.4% and was trading 5.8% higher at $5 105 as of 10:59, resuming gains after a one-day break.

The Bitcoin surged amid reports that with more regulation.

In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal.

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Typically for bitcoin, which at less than nine years old is still highly volatile and illiquid compared with traditional currencies and assets, the precise reason for its recent tear was unclear. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

It's the first time the cryptocurrency has confidently shot past $5,000.

Data released last week from SEMrush, a search engine data analytics firm, found the price had a 91 per cent correlation with Google searches on bitcoin, suggesting that all news - whether negative or positive - drives up demand, even if bad news can have a temporary negative effect. As recently as December, bitcoin was trading at less than $1 000 dollars.

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What bitcoin bubble? On Thursday, the popular crypto-currency defied skeptics' predictions and soared to a new all-time, past the $5,000 mark in the early morning and then climbing almost another $400 higher through the day.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble.

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